News Tech: Stocks rose mostly in Wall Street trading Wednesday afternoon, but streaming entertainment dropped more than a third of its value after reporting its first subscriber loss in more than a decade and predicting darker times. It was suppressed by giant Netflix. The S&P 500 rose 0.3% at 12:06 p.m. east. The Dow Jones Industrial Average rose 337 points (1%) to 35,249 and the Nasdaq fell 0.8% of his.
Healthcare stocks had the biggest gains. CVS rose his 3.4%, and medical device maker Boston Scientific rose his 3.7%. Banks and various home goods makers also posted solid gains. Bank of America rose 1.5%. Procter & Gamble, makers of Charmin and Dawn, beat analysts’ quarterly earnings expectations and rose 2.8%. The tech giants have done some daunting work after helping boost the market the day before. IBM rose 7.6% after reporting solid earnings. Cisco was up 3%.
Rail operator CSX, electric car maker Tesla and United Airlines are due to announce results on Wednesday. American Airlines and Union Pacific will report results on Thursday. Inflation puts more and more pressure on various industries, and it puts more and more pressure on consumers. Rising prices have prompted the Federal Reserve and other central banks to raise interest rates to cushion the effects of inflation.